Category: Insolvency News

Real Estate Bubble

February 26, 2020

The real estate bubble has been described as one of the biggest threats to the Canadian economy. The Toronto housing market has been identified as the second largest housing bubble in the world. The thing about bubbles is that sooner or later they all either collapse under their own weight or they burst.

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Trust the Media?

February 13, 2020

When you take a closer look at the data you will find that recent reports are exagerting the rise in consumer insolvenicies. In reality, insolvency filings are lagging significantly behind lending trends.

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Bankruptcy Stereotypes

February 10, 2020

Stereotypes help us negotiate the world around us, stereotypes aren’t as abitrary as our acceptance of them – when they are positive we embrace them, when they are negative we appall them.

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Savings or Irregular Expenses

February 7, 2020

Do you know the difference between putting money away as savings and retaining money in your mbank account for irregular expenses. They seem similar but are quite different.

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Credit Counselling

February 3, 2020

Credit Counselling can be a very helpful tool, but obligatory attendance isn’t enough, to be effective it requires active participation.

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Compound Interest

January 29, 2020

TD Bank recently announced it will be using compound interest on its credit card portfolio. Other banks are sure to follow suit – be aware of the impact.

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Get Ready

January 3, 2020

Are you ready to pay your credit card bills? If you are struggling we can help – let’s start with a free consultation.

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Debt Consultants

December 30, 2019

Don’t bring out the clowns when you need serious help with problem debt – get professional help.

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Creative proposals

December 3, 2019

“The list goes on and can be tailored to your specific situation or circumstances – traditional proposals are straight line payments such as $200 per month for sixty (60) months, but there are other possibilities.”

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Exempt Property

November 12, 2019

This is not intended to be legal advice but rather a discussion of interpretation of the Execution Act. Speak to your Licensed Insolvency Trustee about his or her interpretation.

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Easy Credit

September 12, 2019

Easy credit has tremendous appeal to the broke, broken and downtrodden, but at what cost?

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Houses in Bankruptcy

September 4, 2019

Real property values have seen explosive growth in some markets in recent years. Requiring trustees to review the assessed values prior to discharge. To avoid surprises many debtors are filing proposals.

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Inheritances in bankruptcy

August 16, 2019

What would happen if you came into an inheritance after you filed for bankruptcy?

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Insurance policies

August 15, 2019

Insurance is something that we tend to buy in a reactive manner, without adequate planning. Insurance can be expensive and, even though purchased with premiums paid over a long term, coverage may be denied.

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RESPs in bankruptcy

August 13, 2019

If you are contemplating a bankruptcy you need to know what happens to your assets, including RESPs.

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Minimum Payment Changes

August 2, 2019

More rules and regulations are required to cool off rising debt trends in Canada. The new Quebec are a great first step, hopefully leading to a nationwide policy change.

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Credit Repair Scheme

July 22, 2019

It’s difficult to trust anyone these days, it seems that everyone is picking your pockets. Beware of credit rebuilding scams, if they sound to good to be true, they probably are.

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How to find us

July 17, 2019

When you need help dealing with your debt problems – it’s good to know where to find your local Licensed Insolvency Trustee.

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BIA Counselling

July 2, 2019

The Bankruptcy & Insolvency Act, has accompanying Rules and Directives, issued by the Courts and the Office of the Superintendent of Bankruptcy. There is a Directive on counselling requiring that people who file for a bankruptcy or a proposal attend at two counselling sessions, geared towards money management and understanding credit. But just how useful are these sessions?

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Bank Accounts

June 12, 2019

Bank accounts are impacted by the filing of a bankrupt, or a proposal for that matter since many of the bankruptcy provisions apply equally to proposals.  Banks may seize funds in accounts as an offset (or setoff) because they have a contractual right to do so.  In other words, if you went bankrupt in the […]

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